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Subjects: SLS, ECO, STP

California median home price sets new record as home sales dial back in May, C.A.R. reports


LOS ANGELES, June 19, 2018 /PRNewswire-USNewswire/ --California's median home price reached a new high in May, while home sales retreated both on a monthly and annual basis, wiping out most of the gains posted for the year, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.  

CALIFORNIA ASSOCIATION OF REALTORS (PRNewsFoto/C.A.R.)

Closed escrow sales of existing, single-family detached homes in California totaled a seasonally adjusted annualized rate of 409,270 units in May, according to information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs statewide. The statewide annualized sales figure represents what would be the total number of homes sold during 2018 if sales maintained the May pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.

May's sales figure was down 1.8 percent from the revised 416,750 level in April and down 4.6 percent compared with home sales in May 2017 of 428,870. May marked the first year-over-year sales decline in four months and the lowest sales level in more than a year.

"The softening in May home sales was due in part to the spike in interest rates in mid-April, when the 30-year fixed mortgage rate jumped 20 basis points in just one week to reach the highest level since 2014," said C.A.R. President Steve White. "Homebuyers may have postponed escrow closings to wait out the effects of the rate surge. Additionally, the specter of rate increases earlier in the year may have pulled sales forward into the first quarter, which resulted in the subpar performance in the last couple of months. Looking ahead, higher mortgage rates and elevated home prices will heighten affordability constraints that will likely temper the housing market in the coming months."

For the first time in 11 years, the statewide median home price surpassed its previous peak price of $594,530, which was recorded more than 10 years ago during the last housing boom. The May statewide median price was $600,860, up 2.8 percent from a revised $584,460 in April and up 9.2 percent from a revised $550,230 in May 2017. The year-over-year price growth pace was the highest rate of growth since May 2014.

The statewide median price per square foot rose to $286 in May, the highest figure since November 2007, and marks "real" growth in home values rather than a shift in the market toward sales of larger or higher-end homes. However, with the Bay Area outperforming the rest of the state, there is undoubtedly some pressure on the median price as the Bay Area made up a larger share of home sales.

"As we predicted last month, California's statewide median home price broke the previous pre-recession peak set in May 2007 and hit another high as tight supply conditions continued to pour fuel on the price appreciation fire," said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. "With inventory starting to show signs of improvement, however, home price appreciation could decelerate in the second half of the year, especially since further  rate increases are expected to hamper homebuyers' affordability and limit how much they are willing to pay for their new home."

Other key points from C.A.R.'s May 2018 resale housing report include:

Graphics (click links to open):

Note:  The County MLS median price and sales data in the tables are generated from a survey of more than 90 associations of REALTORS® throughout the state and represent statistics of existing single-family detached homes only. County sales data are not adjusted to account for seasonal factors that can influence home sales.  Movements in sales prices should not be interpreted as changes in the cost of a standard home.  The median price is where half sold for more and half sold for less; medians are more typical than average prices, which are skewed by a relatively small share of transactions at either the lower-end or the upper-end. Median prices can be influenced by changes in cost, as well as changes in the characteristics and the size of homes sold.  The change in median prices should not be construed as actual price changes in specific homes.

*Sales-to-list price ratio is an indicator that reflects the negotiation power of home buyers and home sellers under current market conditions. The ratio is calculated by dividing the final sales price of a property by its last list price and is expressed as a percentage.  A sales-to-list ratio with 100 percent or above suggests that the property sold for more than the list price, and a ratio below 100 percent indicates that the price sold below the asking price.

**Price per square foot is a measure commonly used by real estate agents and brokers to determine how much a square foot of space a buyer will pay for a property.  It is calculated as the sale price of the home divided by the number of finished square feet.  C.A.R. currently tracks price-per-square foot statistics for 50 counties.

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 190,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

 

May 2018 County Sales and Price Activity

(Regional and condo sales data not seasonally adjusted)


May 2018

Median Sold Price of Existing Single-Family Homes

Sales

State/Region/County

May 2018

April 2018


May 2017


Price

MTM%

Chg

Price

YTY%

Chg

 Sales

MTM%

Chg

 Sales

YTY%

Chg

Calif. Single-family home

$600,860

$584,460


$550,230

r

2.8%

9.2%

-1.8%

-4.6%

Calif. Condo/Townhomes

$474,400

$476,010


$440,940

r

-0.3%

7.6%

8.5%

-2.0%

Los Angeles Metro Area

$530,000

$515,000


$485,000

r

2.9%

9.3%

12.6%

-5.6%

Inland Empire

$360,000

$360,000


$340,000

r

0.0%

5.9%

7.6%

-5.0%

San Francisco Bay Area

$1,088,000

$1,025,890

r

$935,000

r

6.1%

16.4%

17.3%

2.1%











San Francisco Bay Area










Alameda

$1,025,000

$969,300


$862,000


5.7%

18.9%

15.5%

6.7%

Contra Costa

$687,500

$689,660


$653,000


-0.3%

5.3%

18.9%

5.1%

Marin

$1,415,000

$1,385,000


$1,315,000


2.2%

7.6%

15.5%

3.5%

Napa

$702,500

$682,500


$673,250


2.9%

4.3%

10.6%

-14.8%

San Francisco

$1,620,000

$1,650,000


$1,501,680


-1.8%

7.9%

26.9%

10.8%

San Mateo

$1,600,000

$1,770,000


$1,480,000


-9.6%

8.1%

31.0%

2.5%

Santa Clara

$1,400,000

$1,425,000


$1,200,000


-1.8%

16.7%

14.2%

-1.7%

Solano

$451,000

$447,500


$415,000


0.8%

8.7%

15.1%

-0.7%

Sonoma

$698,500

$685,000


$625,000


2.0%

11.8%

13.0%

-3.2%

Southern California










Los Angeles

$536,940

$528,540


$492,040


1.6%

9.1%

17.6%

-5.5%

Orange

$838,000

$818,000


$795,000


2.4%

5.4%

12.4%

-7.4%

Riverside

$409,925

$400,000


$375,000


2.5%

9.3%

6.5%

-8.7%

San Bernardino

$285,000

$289,900


$272,500


-1.7%

4.6%

9.5%

2.1%

San Diego

$640,000

$635,000


$605,000


0.8%

5.8%

10.2%

-6.1%

Ventura

$670,000

$665,000

r

$636,500

r

0.8%

5.3%

13.3%

-5.9%

Central Coast










Monterey

$677,000

$607,750


$617,000


11.4%

9.7%

15.3%

16.7%

San Luis Obispo

$638,660

$597,505


$569,000


6.9%

12.2%

23.4%

0.3%

Santa Barbara

$680,000

$650,000


$725,000


4.6%

-6.2%

8.4%

-10.0%

Santa Cruz

$865,000

$899,000


$875,000


-3.8%

-1.1%

8.4%

34.1%

Central Valley










Fresno

$279,980

$260,000

r

$250,000


7.7%

12.0%

12.0%

0.9%

Glenn

$230,000

$215,000


$200,000


7.0%

15.0%

138.5%

40.9%

Kern

$247,750

$235,000


$230,000


5.4%

7.7%

33.0%

20.9%

Kings

$235,000

$235,000


$211,000


0.0%

11.4%

3.0%

8.3%

Madera

$259,000

$244,000

r

$249,000

r

6.1%

4.0%

22.9%

3.5%

Merced

$262,000

$259,000


$243,500


1.2%

7.6%

30.6%

2.1%

Placer

$499,650

$489,000


$460,000


2.2%

8.6%

11.4%

-6.5%

Sacramento

$375,000

$369,000


$342,100


1.6%

9.6%

9.4%

2.4%

San Benito

$579,900

$569,217


$520,000


1.9%

11.5%

10.2%

38.3%

San Joaquin

$367,855

$374,990


$331,950


-1.9%

10.8%

21.1%

-6.9%

Stanislaus

$325,000

$306,000


$290,000


6.2%

12.1%

12.9%

-5.8%

Tulare

$234,950

$229,250


$225,000


2.5%

4.4%

18.2%

6.4%

Other Calif. Counties










Amador

$331,500

$335,000


$350,000


-1.0%

-5.3%

6.8%

-20.3%

Butte

$324,100

$316,000


$308,000


2.6%

5.2%

1.2%

-7.3%

Calaveras

$329,000

$340,000


$300,000

r

-3.2%

9.7%

34.0%

17.1%

Del Norte

$214,000

$239,000


$220,000


-10.5%

-2.7%

-17.4%

18.8%

El Dorado

$552,000

$499,999


$469,000


10.4%

17.7%

0.7%

-0.7%

Humboldt

$314,900

$309,000


$289,500


1.9%

8.8%

-2.6%

10.8%

Lake

$263,400

$285,000


$240,000


-7.6%

9.7%

3.8%

-15.6%

Lassen

$215,000

$155,500


$192,500


38.3%

11.7%

93.3%

93.3%

Mariposa

$324,500

$344,850


$271,000


-5.9%

19.7%

7.7%

-26.3%

Mendocino

$420,000

$430,000


$410,000


-2.3%

2.4%

62.9%

-1.7%

Mono

$852,500

$520,000


$627,500


63.9%

35.9%

42.9%

-16.7%

Nevada

$404,000

$408,738


$389,000


-1.2%

3.9%

10.0%

-20.4%

Plumas

$310,000

$280,250


$285,000


10.6%

8.8%

225.0%

14.7%

Shasta

$264,000

$258,950


$255,000


2.0%

3.5%

2.7%

3.4%

Siskiyou

$210,000

$217,250


$211,500


-3.3%

-0.7%

47.1%

-7.4%

Sutter

$281,000

$280,000


$283,000


0.4%

-0.7%

22.7%

5.7%

Tehama

$197,500

$210,000


$203,000


-6.0%

-2.7%

-14.6%

-32.7%

Tuolumne

$300,000

$305,000


$299,000


-1.6%

0.3%

-14.1%

-5.2%

Yolo

$476,500

$495,000


$453,450


-3.7%

5.1%

13.2%

-5.3%

Yuba

$297,500

$285,000


$255,570


4.4%

16.4%

7.6%

-4.5%











r = revised










 

May 2018 County Unsold Inventory and Time on Market

(Regional and condo sales data not seasonally adjusted)


May 2018

Unsold Inventory Index

Median Time on Market

State/Region/County

May

2018

April

2018


May

2017


May

2018

April

2018


May

2017


Calif. Single-family home

3.0

3.2


2.9


15.0

15.0


14.0

r

Calif. Condo/Townhomes

2.3

2.4


2.3

r

13.0

12.0


13.0

r

Los Angeles Metro Area

3.4

3.6


3.2


20.0

21.0


20.0

r

Inland Empire

3.6

3.7


3.3

r

27.0

29.0


25.0

r

San Francisco Bay Area

2.0

2.1


2.1


12.0

11.0

r

12.0

r












San Francisco Bay Area











Alameda

1.6

1.7


1.7


11.0

10.0


12.0

r

Contra Costa

2.0

2.1


2.1


11.0

11.0


11.0

r

Marin

2.5

2.7


2.6


21.0

22.0


27.0

r

Napa

4.5

4.3


3.8


33.5

37.5


38.0

r

San Francisco

1.5

1.9


1.9


14.0

14.0


14.0

r

San Mateo

1.6

1.9


1.7


11.0

10.0


11.0

r

Santa Clara

1.6

1.6


1.7


8.0

8.0


9.0

r

Solano

2.5

2.6


2.3


27.0

29.0


31.0

r

Sonoma

3.1

3.0


3.0


31.0

33.0


33.0

r

Southern California











Los Angeles

3.1

3.2


3.0


15.0

17.0


16.0

r

Orange

3.3

3.5


3.1


15.0

14.0


15.0

r

Riverside

3.4

3.6


3.2


27.0

29.0


26.0

r

San Bernardino

3.8

3.9


3.3

r

26.0

28.0


24.0

r

San Diego

2.9

3.0


2.6


13.0

11.0


11.0

r

Ventura

5.2

5.5


5.0


42.0

39.0


42.0

r

Central Coast











Monterey

3.3

3.8


4.2


16.0

22.0


16.0

r

San Luis Obispo

3.7

4.3


3.6


20.0

19.5


15.0

r

Santa Barbara

4.6

4.5


4.0


17.0

20.5


19.0

r

Santa Cruz

2.8

2.7


4.0


12.0

11.0


14.0

r

Central Valley











Fresno

2.7

2.8

r

2.7

r

11.0

12.0

r

14.0

r

Glenn

2.7

6.1


3.7


21.0

16.0


40.5

r

Kern

2.8

3.5


3.3


21.0

19.0


19.0

r

Kings

2.9

2.9


3.0


13.5

16.0


15.5

r

Madera

3.8

4.9

r

5.4

r

24.0

19.0

r

28.0

r

Merced

3.0

4.1


2.7


23.0

28.0


15.0

r

Placer

2.5

2.5


2.2

r

10.0

10.0


10.0

r

Sacramento

2.2

2.2


2.0


9.0

10.0


8.0

r

San Benito

2.2

2.5


3.7


15.0

13.0


16.0

r

San Joaquin

2.6

2.8


2.3


12.0

12.0


12.0

r

Stanislaus

2.6

2.7


2.4


12.0

13.0


12.0

r

Tulare

3.2

3.8


3.5


26.0

23.0


23.0

r

Other Calif. Counties











Amador

5.2

5.3


3.8


31.0

16.0


27.0

r

Butte

3.4

3.2


2.9


11.0

9.0


8.0

r

Calaveras

4.6

5.7


4.8


30.0

28.0


24.0

r

Del Norte

7.3

5.3


9.4


99.0

145.0


73.0

r

El Dorado

4.1

3.5

r

4.2


25.0

20.0


16.0

r

Humboldt

5.9

5.0


5.0


22.0

22.0


11.0

r

Lake

6.1

6.0


4.6


35.0

39.5


36.0

r

Lassen

6.1

10.5


10.9


97.0

137.0


61.0

r

Mariposa

6.7

6.9


4.2


45.0

15.0


18.0

r

Mendocino

8.4

12.7


5.8


74.0

70.0


69.0

r

Mono

8.3

10.6


8.4


81.5

170.0


144.0

r

Nevada

4.9

4.7


3.2


16.0

22.5


13.0

r

Plumas

8.4

22.0


10.4


129.0

178.5


207.0

r

Shasta

4.4

4.4


4.3


17.0

22.0


20.0

r

Siskiyou

6.0

7.8


5.1


16.0

25.0


29.0

r

Sutter

2.2

2.9


2.4


11.0

32.0


14.0

r

Tehama

6.0

5.0


4.3


43.0

55.0


41.0

r

Tuolumne

5.2

3.8


5.0


24.0

23.0


39.0

r

Yolo

2.0

2.1


2.2


9.0

10.0


9.0

r

Yuba

2.8

3.0


2.3


10.0

17.0


11.0

r












r = revised











 

SOURCE CALIFORNIA ASSOCIATION OF REALTORS


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